Billionaire and former New York City Mayor Michael Bloomberg took the first step in what many believe will be a potential run for the 2020 presidential election on Friday, as he filed the appropriate paperwork to be included in the Alabama Democratic primary.

According to The Hill, Bloomberg’s move was made official as the Alabama Democratic Party published the updated information on its website Friday afternoon. The deadline to file necessary paperwork for the state was Friday.

While a majority of candidates likely wouldn’t dream of entering the White House race so late in the game, Bloomberg can apparently do it with some level of confidence, as the wealthy former politician has a staggering $50 billion war chest to work with. No other Democratic candidates, as far as the public knows, has access to anywhere close to that amount, which political pundits claim makes him a real threat to the top-tier candidates.

As The Hill reported, Bloomberg reportedly hasn’t officially made a personal decision on whether or not to enter the presidential race, according to a source familiar with his future plans.

If he does decide to jump in to the already-crowded Democratic candidate field, the centrist politician would pose an immediate danger to both former Vice President Joe Biden and South Bend, Indiana, Mayor Pete Buttigieg, who are the leading moderate Democrats currently in the race.

Adding to Bloomberg’s list of challenges will be the almost certain attacks from Sen. Elizabeth Warren and Sen. Bernie Sanders — the two top-tier progressive candidates who include anti-billionaire messaging in their stump speeches on a regular basis.

In an email from Warren’s campaign to her supporters, the Massachusetts senator is already warning followers that highly-connected billionaires, such as Bloomberg, are “scared” of what a president like Warren would do to their livelihoods.

“They’re scared that under a Warren presidency, they would no longer have a government that caters to their every need. So they’re doing whatever they can to try to stop Elizabeth and our movement from winning in 2020 and bringing big, structural change in 2021,” Warren’s email read.

BREAKING: NBC News has confirmed that Michael Bloomberg Is expected to file for the Alabama 2020 presidential primary.

A source close to Bloomberg says he's expected to file paperwork this week, designating himself as a candidate in at least one state. pic.twitter.com/YhPslVp6Sr

One of Bloomberg’s advisers revealed at least a partial reason as to why the former mayor might soon enter the race.

“We now need to finish the job and ensure that Trump is defeated — but Mike is increasingly concerned that the current field of candidates is not well positioned to do that,” Howard Wolfson wrote in a Thursday tweet.

Bloomberg has been an outspoken critic of President Donald Trump in the past. As The Inquisitr previously reported, in August, he slammed the president’s rhetoric, which he claimed “encourages” violence. He added that Trump “cannot go and just shoot off his mouth and say anything.”